Until a conveyance, lease, or instrument executed for security purposes which may be recorded under ??? 44107(a)(1) or (2) has been filed with the FAA, it is valid only against the parties to the instrument and individuals and entities who have actual knowledge of the instrument. Therefore, the interests of the parties to a transaction, including purchasers, lessor, lessees and secured parties, are not perfected until the instruments creating those interests have been filed with the FAA.
The Oklahoma Security Agreement Regarding Aircraft and Equipment is a legal document that aims to establish a security interest in aircraft and related equipment within the state of Oklahoma. This agreement allows parties involved in aircraft financing or leasing transactions to protect their rights as secured creditors by ensuring that the aircraft and equipment serve as collateral for the repayment of a debt or obligation. Key provisions contained in the Oklahoma Security Agreement Regarding Aircraft and Equipment include the identification and description of the aircraft and equipment subject to the agreement. This includes details such as the engine manufacturer, model, serial number, and any other relevant identification information. Another crucial element of this agreement is the granting of a security interest in the debtor (typically the aircraft owner or operator) to the creditor (often a financial institution). This security interest gives the creditor certain rights and remedies in case of default, such as repossession and sale of the aircraft or equipment to recover the outstanding debt. The agreement also establishes the priority of the security interest against other creditors or subsequent buyers of the collateral. Additionally, the Oklahoma Security Agreement Regarding Aircraft and Equipment addresses the debtor's responsibilities related to the collateral. These responsibilities may include proper maintenance, insurance coverage, and compliance with applicable laws and regulations governing the operation of the aircraft and equipment. It is important to note that there may be various types of security agreements regarding aircraft and equipment within Oklahoma. Some examples include: 1. Purchase Money Security Agreement: This type of agreement is often employed when an individual or entity obtains financing from a lender to purchase a specific aircraft or equipment. The lender will hold a security interest in the aircraft or equipment until the loan is fully repaid. 2. Leasehold Security Agreement: In this scenario, the security agreement is entered into by a lessor and lessee. The lessor typically owns the aircraft or equipment and leases it to the lessee for a specific period. The lessor may require a security interest in the leased property to safeguard their rights in case of default or damage. 3. Security Agreement for Equipment Providers: This type of agreement is between a supplier or manufacturer of aircraft equipment and a buyer. The supplier may retain a security interest in the equipment until the buyer fulfills their payment obligations. Overall, the Oklahoma Security Agreement Regarding Aircraft and Equipment plays a pivotal role in ensuring the protection of parties involved in aircraft and equipment financing, leasing, or transaction activities. It establishes clearly defined rights and obligations, and facilitates the orderly resolution of potential disputes or defaults.
